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FCA proposes help for motor finance and high cost credit customers
Willing2Learn
Posts: 6,294 Forumite
The FCA has today announced another proposed package of measures to directly support consumers facing payment difficulties due to coronavirus (Covid-19). The range of targeted temporary measures cover motor finance and high cost credit agreements, which include: high-cost short-term credit (including payday loans), buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking.
Full Press Release: FCA
Full Press Release: FCA
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Comments
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The most interesting point in the announcement is the issue of balloon payments. The FCA is anticipating that (like houses) values will go down. So if you have an expensive car you do not need, are not using, and your contract allows - get rid of it and purchase a cheap one later. No point in having a heavily depreciating asset sitting there incurring cost.
- All land is owned. If you are not on yours, you are on someone else's
- When on someone else's be it a road, a pavement, a right of way or a property there are rules. Don't assume there are none.
- "Free parking" doesn't mean free of rules. Check the rules and if you don't like them, go elsewhere
- All land is owned. If you are not on yours, you are on someone else's and their rules apply.
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Still being left to individual firms to interprete the rules though, the track record of UK firms on implementing new criteria is not the greatest, i can forsee the FOS been very busy in the months/years following this, as there are a lot of cracks for people to fall down.
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